"Hui Ka Yan pleaded guilty and expressed remorse during trial proceedings against him and Evergrande, as stated by the court in Shenzhen. The company defaulted on most of its $300 billion in liabilities in 2021."
"The court accused Hui of illegally absorbing public deposits, fundraising fraud, illegally issuing loans, and other serious financial crimes, highlighting the extent of the allegations against him and the company."
Hui Ka Yan, the founder of Evergrande Group, has pleaded guilty to multiple charges including fraud and bribery in a Shenzhen court. Evergrande, the world's most indebted property developer, defaulted on over $300 billion in liabilities in 2021. The court accused Hui of illegally absorbing public deposits, fundraising fraud, and other financial crimes. Representatives from past fundraising efforts and members of the National People's Congress attended the hearings. A verdict from the court is pending and will be announced at a later date.
Read at www.dw.com
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